Tackling redundant stock
Many retailers and manufacturing businesses have stock on their shelves gathering dust.
There are compelling reasons for tackling this issue as we cautiously emerge from lock-down.
For example, freeing up storage space will enable you increase the volume of goods that are selling.
Stock that is not selling is rather like withdrawing money from your bank dropping it into a box and parking it in your stores or stock-room. It has no real value to your business apart from the vague possibility ... read more
Winding-down the furlough scheme
Without a doubt, the furlough scheme has provided small businesses with the means to retain staff that would otherwise have been laid-off.
The government is paying 80% of furloughed employees’ wages (subject to a £2,500 maximum). From 1 August 2020, this level of support is expected to drop to say 60%.
From the same date, 1 August, the rules that effectively ban employees from working while they are furloughed is also expected to be eased and affected employees encouraged to return ... read more
Coronavirus Future Fund launched
Last month, the Chancellor, Rishi Sunak, announced a number of measures to help innovative firms survive the Coronavirus pandemic. One of these measures was the launch of a special investment fund for high-growth companies impacted by the crisis, made up of funding from government and the private sector, called the Future Fund. The government has committed to an initial £250 million in funding towards the scheme. This amount will be kept under review.
Funding applications for the Future ... read more
Maximum loan under CLBILS increased to £200m
The scope of the Coronavirus Large Business Interruption Loan Scheme (CLBILS) is to be extended from 26 May 2020. The maximum loan size will be increased from £50 million to £200 million. Larger businesses will be able to benefit from loans up to the lower of 25% of turnover or £200m. The changes are expected to go live on 26 May and full details are expected to be made available on that date.
This increase will help ensure those large firms which do not qualify for the Bank ... read more
Working safely during coronavirus
The government has produced guidance to help employers, employees and the self-employed in England understand how to work safely on their return to work during the coronavirus pandemic. The so-called “COVID-19 Secure” guidance currently comprises eight separate guides covering the following workplace settings:
construction and other outdoor work
factories, plants and warehouses
labs and research facilities
offices and contact centres
other people’s homes
restaurants ... read more
Guidance for employers on workplace testing
The Information Commissioner’s Office (ICO) has published guidance for employers on workplace testing during the coronavirus pandemic. It covers the extent to which employers can carry out tests on staff on their return to work to see if they have either coronavirus or symptoms of it.
The guidance makes clear that any testing needs to comply with the GDPR and the Data Protection Act 2018, and that any personal data relating to health is special category data. The topics covered in the ... read more
Trade credit insurance guarantee
Trade credit insurance is a contract acquired by suppliers to make sure they get paid even if their customers default. This gives businesses the confidence to trade with one another and is especially important as the COVID-19 pandemic continues to decimate many businesses. The risk of COVID-19 meant that insurers could withdraw insurance or increase premiums to unaffordable levels.
HM Treasury has now confirmed that to prevent this from happening, the government will provide guarantees for all ... read more
Upcoming bank holiday dates
We thought it would be useful to remind our readers of the upcoming bank holiday dates across England, Wales, Scotland and Northern Ireland. Whilst many people are still under lockdown, there are still some extra days off to look forward to for the rest of the year.
2020 bank holidays in England and Wales
Monday 25 May - Spring bank holiday
Monday 31 August - Summer bank holiday
Friday 25 December - Christmas Day
Monday 28 December - Boxing Day (substitute day)
2020 bank holidays in ... read more
Extension of vehicle MOT dates
A reminder that MOT expiry dates are being extended by 6 months for all MOTs due on or after 30 March 2020. This includes vehicles that are due their first ever MOT test and applies to cars, motorcycles, light vans and other light vehicles.
The MOT expiry date will be automatically extended approximately 7 days before it’s due to expire. Your vehicle tax remains due as normal. You cannot renew your vehicle tax until your MOT expiry date has been extended. This means you might need to wait ... read more
Launch of SSP Rebate Scheme
Under the Coronavirus Statutory Sick Pay Rebate Scheme small-and medium-sized businesses and employers will be able to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. It has now been confirmed that the online service to reclaim SSP will launch on 26 May 2020.
In order to claim, you will need the Government Gateway user ID you acquired when you registered for PAYE Online. If you use an agent who is authorised to undertake PAYE online for you, they will be able to ... read more